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Insurance - Property & casualty · Financial Services · Fiscal year ends Dec 31
Skyward Specialty Insurance reported revenue of $12M in the fiscal year ended Dec 2025, up 16.0% from the year before. Operating income was $224M, an operating margin of 1812.0%, and net income was $170M. Operating cash flow of $408M less capital expenditure of $5M left free cash flow of $403M.
Ranks among the 30 insurance - property & casualty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4.0 | 5.2 | 9.8 | 10.7 | 12.4 |
| Operating incomederived: pre-tax income + interest | 52.9 | 56.2 | 120 | 162 | 224 |
| Interest expense | 4.6 | 6.4 | 10.0 | 9.5 | 7.9 |
| Pre-tax income | 48.3 | 49.8 | 110 | 153 | 216 |
| Income tax | 10.0 | 10.4 | 24.1 | 33.9 | 46.4 |
| Net income | 38.3 | 39.4 | 86.0 | 119 | 170 |
| Diluted EPS | 1.18 | 1.21 | 2.24 | 2.87 | 4.07 |
| Diluted shares | 32.5 | 32.7 | 38.3 | 41.4 | 41.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 42.1 | 45.4 | 65.9 | 122 | 169 |
| Net PP&E | 9.6 | 8.7 | 9.1 | 12.2 | 15.1 |
| Goodwill | 65.7 | 65.7 | 65.7 | 65.7 | 65.7 |
| Total assets | 2,118 | 2,363 | 2,953 | 3,729 | 4,792 |
| Total liabilities | 1,692 | 1,942 | 2,292 | 2,935 | 3,782 |
| Shareholders' equity | 426 | 422 | 661 | 794 | 1,010 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 175 | 209 | 338 | 305 | 408 |
| Capital expenditure | 2.2 | 2.3 | 3.1 | 4.2 | 5.5 |
| Free cash flow | 173 | 207 | 335 | 301 | 403 |
| Depreciation & amortisation | 5.6 | 4.1 | 3.9 | 3.4 | 3.5 |
| Stock-based compensation | 0.5 | 2.3 | 8.5 | 9.4 | 12.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 30.9% | 88.9% | 8.7% | 16.0% |
| Operating income growth (YoY) | – | 6.2% | 113.8% | 35.1% | 38.3% |
| EPS growth (YoY) | – | 2.5% | 85.1% | 28.1% | 41.8% |
| Operating margin | 1332.3% | 1080.8% | 1223.4% | 1519.6% | 1812.0% |
| Net margin | 964.4% | 757.8% | 875.7% | 1113.0% | 1373.3% |
| Return on equityBlank when equity is negative | 9.0% | 9.3% | 13.0% | 15.0% | 16.8% |
| Free cash flow margin | 4357.7% | 3974.1% | 3412.6% | 2818.4% | 3251.9% |
| Cash conversion (CFO ÷ net income) | 4.57x | 5.30x | 3.93x | 2.57x | 2.40x |
| Interest cover | 11.5x | 8.77x | 12.0x | 17.1x | 28.3x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.